USDCHF Analysis – January 23, 2010

As expected, USDCHF formed a cycle bottom at 1.0132 level on daily chart. Now the bounce from 1.0132 is treated as resumption of uptrend from 0.9917. Further rally is in favor and next target would be at 1.0600-1.0700 area. Support is at 1.0320, as long as this level holds, uptrend from 1.0132 could be expected to continue.

For long term analysis, USDCHF has formed a cycle bottom at 0.9917 level on weekly chart. Bounce towards 1.0700 to reach next cycle top is expected.

usdchf daily chart